With Western countries hitting
their limit in terms of consumption — something Howard and
the panel agreed was a positive from a sustainability standpoint
— it is time for business to begin looking globally for
customers.

“If you look on a global basis…
most people are still poor,” said Howard. “There’s a global
growth opportunity.”

While most Ikea locations are
located in relatively wealthy countries in North America, Europe,
and Asia, the company is currently on an expansion push. Dozens
of locations are planned to open in countries includingIndia,Latvia, andSouth Koreain the coming years.

Ikea is additionally investing in
sustainable offerings, with the goal of creating a “circular
Ikea” in which customers repair and recycle products.

AP

Historically, Ikea is best known
for inexpensive offerings that aren’t necessarily made to last.
However, the company focusing on health and sustainability
as it prepares for the future.

Recent Ikea prototypes like
chargers that
transfer body heat into phone charging electricity signal the
future of the brand. Innovative products that are inexpensive,
green, and unlike anything else on the market give Western
consumers a reason to keep shopping — even if they have
already reached “peak stuff.”